NewSmith takes root in New York

London-based investment banking boutique NewSmith Capital Partners is opening a New York office this week.

The bank is packed to the rafters with ex-Merrill Lynchers, and has already repeated this formula in the US.

Jeff Hughes, who will head the new office, was Chairman of Merrill's Global Markets and Investment Banking business in Latin America and Canada, and Head of Global Relationship Management.

Sue Crosby, who is responsible for marketing NewSmith products and services in North America, was formerly head of the Endowment & Foundation Practice for Merrill Lynch Global Markets and Investment Banking.

NewSmith aims to market its advisory expertise in debt markets, and to win US investment clients for its asset management business.

It is not yet known whether other hires will be made, but junior additions could be on the cards.